Donald Trump wants to be the next Jeff Bezos, but federal regulators are threatening to stop him. The Security and Exchange Commission is investigating the former president's totally legit Trump Media & Technology Group over a planned merger with a shell company.
According to the filing, regulators are looking into whether or not DWAC and Trump negotiated terms before the official announcement. It would be in violation of U.S. law. The merger of TMTG and DWAC is not currently public.
Regulators are looking for more information about the communications of DWAC and TMTG. The SEC says a resolution to its investigation could result in significant penalties for Digital World.
Gizmodo did not get a response from the two companies.
The potential Trump merger is starting to look bad for DWAC. The company's stock price rocketed up on the heels of the merger announcement, but has since fallen back down due to investor concerns. The stock price fell again this week.
The public hearings over the Capitol Hill riots have thrust Trump back into the spotlight, making matters worse. Trump used his Truth Social platform to criticize the hearings and the T.V. ratings which he claimed were absolutely. Over the weekend, Trump complained about the hearings, which he described as a one-sided witch hunt. When did we hear that previously?
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